AFP
Feb 8, 2017
L'Oreal mulls selling The Body Shop
AFP
Feb 8, 2017
French cosmetics giant L'Oreal is exploring the possibility of selling The Body Shop for one billion euros ($1.1 billion), it was reported on Wednesday.
Quoting two sources close to the French company, the Financial Times said that L'Oreal was "working with bankers at Lazard on a review of its options for the unit with an outright sale among the most likely outcomes."
Contacted by AFP, neither L'Oreal nor Lazard would comment on the report.
Set up in 1976, The Body Shop says on its website that it it has more than 3,000 stores in 66 countries.
L'Oreal acquired it in 2006 for 652 million pounds, or 940 million euros at the time.
L'Oreal is scheduled to publish its annual results on Thursday.
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